I've recently found some patched (by mriya3) Nautilus packages for Ubuntu 9.10 Karmic (Nautilus 2.28.1) which has "Undo" and "Redo" actions integrated - a really important feature missing in Nautilus. I've been using it for a while and it works great!

Here is also a video with this patched "undo" / "redo" Nautilus in action:

Important: because this feature is still being worked on, please avoid using it on production machines and on important data. Additionally, as the GPL licence says "This program is distributed in the hope that it will be useful, but WITHOUT ANY WARRANTY; without even the implied warranty of MERCHANTABILITY or FITNESS FOR A PARTICULAR PURPOSE. See the GNU General Public License for more details."

To download and install the packages, run these commands in a terminal (remember, Ubuntu Karmic only!):